Rio Tinto has rescheduled its tender of run-of-mine rough diamonds from the Diavik deposit in Canada due to reduced production volumes.
Originally set for September 30 to October 2, the sale has been postponed until after the Diwali holiday, which runs from October 31 to November 1, the company informed Rapaport News.
Patrick Coppens, general manager of sales and marketing for Rio Tinto’s diamond unit, explained, “Geotechnical challenges at the mine in July and August have necessitated the rescheduling of some sale events for Rio Tinto’s Diavik.
In September, we will offer a diverse collection of natural large white diamonds (over 10.8 carats) and fancy-colored specials from last year’s production in a rough tender.”
In the interim, Rio Tinto will prioritize its existing lower run-of-mine supply to long-term partners, known as “Select Diamantaires,” Coppens added.
The production shortfall stems from subsidence in July on the road leading to the A154 underground area, one of Diavik’s two major mining pits.
This issue forced a temporary shutdown for safety reasons. The company also paused production earlier this year to allow workers time to mourn colleagues who perished in a plane crash.
In July, Rio Tinto reported a $65 million loss in its diamond unit, a stark contrast to the $44 million profit recorded the previous year, with output falling 25% to 1.4 million carats.
The company expects to resume its regular tender schedule once production stabilizes in the fourth quarter.
The next sale is planned for November 18 to 20. Diavik, Rio Tinto’s sole diamond asset, is slated to close in 2026.
